Summit Global Investments Sells 3,919 Shares of Elevance Health, Inc. (NYSE:ELV)

Summit Global Investments decreased its position in shares of Elevance Health, Inc. (NYSE:ELV) by 8.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 41,224 shares of the company’s stock after selling 3,919 shares during the quarter. Elevance Health accounts for 1.3% of Summit Global Investments’ investment portfolio, making the stock its 14th largest holding. Summit Global Investments’ holdings in Elevance Health were worth $19,439,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. OFI Invest Asset Management bought a new stake in shares of Elevance Health during the third quarter valued at approximately $25,000. Alaska Permanent Fund Corp purchased a new position in Elevance Health during the 4th quarter valued at $31,000. Hexagon Capital Partners LLC grew its position in Elevance Health by 63.0% in the 4th quarter. Hexagon Capital Partners LLC now owns 75 shares of the company’s stock valued at $35,000 after acquiring an additional 29 shares during the last quarter. ORG Partners LLC bought a new stake in shares of Elevance Health during the fourth quarter worth $40,000. Finally, Orion Capital Management LLC bought a new position in shares of Elevance Health in the third quarter worth about $46,000. Institutional investors own 89.24% of the company’s stock.

Wall Street Analyst Weigh In

ELV has been the topic of several research reports. Cantor Fitzgerald restated an “overweight” rating and set a $580.00 price objective on shares of Elevance Health in a report on Wednesday, April 10th. StockNews.com downgraded Elevance Health from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. Truist Financial reissued a “buy” rating and set a $600.00 target price (up previously from $580.00) on shares of Elevance Health in a research report on Friday, April 19th. Barclays raised their target price on shares of Elevance Health from $584.00 to $621.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Finally, Mizuho raised their target price on shares of Elevance Health from $575.00 to $585.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $587.42.

Insider Buying and Selling at Elevance Health

In other Elevance Health news, Director Ramiro G. Peru sold 753 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $500.00, for a total value of $376,500.00. Following the transaction, the director now owns 9,109 shares in the company, valued at approximately $4,554,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Ramiro G. Peru sold 753 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $500.00, for a total value of $376,500.00. Following the sale, the director now directly owns 9,109 shares in the company, valued at approximately $4,554,500. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Felicia F. Norwood sold 14,111 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $533.74, for a total transaction of $7,531,605.14. Following the completion of the sale, the executive vice president now owns 31,460 shares in the company, valued at $16,791,460.40. The disclosure for this sale can be found here. 0.35% of the stock is currently owned by insiders.

Elevance Health Price Performance

Shares of Elevance Health stock remained flat at $524.84 during midday trading on Thursday. 579,785 shares of the company traded hands, compared to its average volume of 1,046,818. The stock has a market capitalization of $121.98 billion, a PE ratio of 19.92, a price-to-earnings-growth ratio of 1.17 and a beta of 0.78. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. The business has a 50-day moving average price of $513.01 and a two-hundred day moving average price of $488.20. Elevance Health, Inc. has a 52-week low of $412.00 and a 52-week high of $542.07.

Elevance Health (NYSE:ELV) last announced its quarterly earnings data on Thursday, April 18th. The company reported $10.64 EPS for the quarter, beating the consensus estimate of $10.54 by $0.10. Elevance Health had a net margin of 3.64% and a return on equity of 20.62%. The firm had revenue of $42.27 billion during the quarter, compared to analyst estimates of $42.49 billion. During the same period last year, the firm posted $9.46 EPS. Elevance Health’s revenue was up .9% on a year-over-year basis. As a group, analysts expect that Elevance Health, Inc. will post 37.26 EPS for the current year.

Elevance Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Investors of record on Monday, June 10th will be paid a $1.63 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a yield of 1.24%. Elevance Health’s dividend payout ratio is currently 24.64%.

About Elevance Health

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.